After operating for five years, the books of the partnership of Lopez and Mendez showed the following balances: Net Assets 130,000 85,000 Lopez, Capital Mendez, Capital 45,000 If liquidation takes place at this point and the net assets are realized at book value, the partners are entitled to: Lopez to receive P97,500 and Mendez to receive P32,500 Lopez to receive P90,000 and Mendez to receive P40,000 Lopez to receive P85,000 and Mendez to receive P45,000 а. b. C.
After operating for five years, the books of the partnership of Lopez and Mendez showed the following balances: Net Assets 130,000 85,000 Lopez, Capital Mendez, Capital 45,000 If liquidation takes place at this point and the net assets are realized at book value, the partners are entitled to: Lopez to receive P97,500 and Mendez to receive P32,500 Lopez to receive P90,000 and Mendez to receive P40,000 Lopez to receive P85,000 and Mendez to receive P45,000 а. b. C.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:15. After operating for five years, the books of the partnership of Lopez and Mendez showed the following balances:
130,000
Net Assets
Lopez, Capital
Mendez, Capital
85,000
45,000
If liquidation takes place at this point and the net assets are realized at book value, the partners are entitled to:
Lopez to receive P97,500 and Mendez to receive P32,500
Lopez to receive P90,000 and Mendez to receive P40,000
Lopez to receive P85,000 and Mendez to receive P45,000
а.
b.
C.
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